The next two weeks will see a flurry of macroeconomic events: the CPI data this Wednesday and the PPI data this Thursday are the most critical—being the last two inflation reports before the Federal Reserve's FOMC meeting (the first in two months). The market expects the Federal Reserve to announce a rate decision, but more importantly, its assessment of the U.S. economy, inflation, and medium-term monetary policy.

Another potential source of volatility is the 10-year Treasury auction on Wednesday. Although this event may seem unrelated, it could trigger significant fluctuations amidst the continued downturn in the bond market. Looking back at the last U.S. Treasury auction: weak demand led to a sharp rise in yields, triggering a sudden plunge in the stock market, and this trend also synchronized with the intraday price of Bitcoin.

Lastly, attention should be paid to the China-U.S. trade negotiations—both sides will engage in a new round of discussions in London today. If progress is limited, it may exacerbate short-term selling pressure (especially since the weekend market rally has partially priced in today's positive expectations). If positive signals regarding a trade agreement emerge, it would be beneficial for U.S. stocks and the dollar.